Standard Pacific Profit Falls

(RTTNews) - Home builder Standard Pacific Corp (SPF) on Thursday reported first-quarter net earnings to equity holders of $23.9 million or $0.08 per share compared with $29 million or $0.09 per share last year.

Revenues for the quarter were $470.3 million compared with $460.2 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.10 per share on revenues of $525.8 million for the quarter. Analysts' estimates typically exclude special items.

Gross margin fell to 24.3% from 25.8% last year.

Net new orders for the quarter were up 20% to 1,571 homes. The dollar value of homes in backlog increased 29% to $1.3 billion.